Plan ahead to preserve home equity - Albuquerque Journal

Plan ahead to preserve home equity

Planning ahead preserves maximum equity in the sale of your property. Start strategizing now if you plan to eventually sell your home or are contemplating a move, such as when the kids go to college or after retirement.

Properly updated properties sell more quickly and encourage top dollar. If you update now, you can live in your space and enjoy the changes. When you are ready to move, you will have alleviated a great deal of stress.

Properly updating your home means updates that are neither taste specific nor too trendy, since that may go out of style by the time you go to sell. However, appealing to the largest buyer pool possible does not mean cookie cutter and boring. What you want are custom-designed results that will differentiate you from the competition. You will ultimately be selling your home, so focus on return on investment and watch your budget.

Sell an occupied property whenever possible. If you are planning a move in town, concentrate on overcoming the obstacles and preparing your house while you are still living in it. Although living through the process can be stressful, it is a lot less traumatic than the economic consequences of convenience.

Be aware of the financial significance of moving into your new property before placing your current property on the market. Recognize the expenses incurred by owning two houses. The original house still needs to be prepared for market. Considerhow much time is wasted whilewaiting to move into your new home. Now that your old house is vacant, you may have to rent furnishings so it will be more appealing to buyers- increasing your expenses even more.

These examples offer insight into the real costs of juggling two houses at once. The financial stress is certainly worse than the perceived aggravation of selling an occupied property. Remember that delay is time and time is money. Thinking ahead, or at least starting to prepare your property as soon as you decide to move, will help secure your investment.

© 2016, Mindy Abramson, all rights reserved

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